Gold Eyes Potential Breakout After Clearing 5-Month Downtrend
Chris Kimble | Oct 19, 2023 02:59AM ET
Gold prices have bounced around during a volatile multi-month pullback. Each rally has been met with more selling.
Could that be changing soon?
Today’s “daily” chart of the Gold Futures shows the price breaking above its 5-month down-trend line at (1). This is good news for bulls as it changes the short-term technicals from bearish to neutral.
But something else is happening that could be very bullish for Gold. GLD (NYSE:GLD) is currently trying to break out above lateral resistance at (2).
I humbly feel that a breakout at (2), is the 50% retracement level of its 5-month decline and could be super bullish for Gold.
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